chart source: Bloomberg
Potential short on Richemont
Richemont has been moving in an upward trend for most of the year, however the share is looking slightly overbought in the short-term. The price recently rallied to R118.00 and reversed off of the prior high.
Richemont is currently at R115.90, and there looks to be potential for further consolidation at this point, down to the R110.00 - R111.00 range. If the price drops below the R115.00 level the short entry will be confirmed. Once the price gets below R110.00 it could present a new buying opportunity.
- Entry: Sell below R115.00
- Stop Loss: R118.50 (blue line)
- Take Profit: R111.00
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